Unspent Amount of subsidy received from Holding Company cannot be treated as Income

Brief of the Case In the case of CIT v Canon India Pvt. Ltd., Hon’ble High Court held that whenever a subsidiary company is getting subsidy from it’s holding company, then the amount of subsidy which has not been spent will not be considered as income of the Assessee. Facts of the Case The Assessee is a subsidiary company which started its operations in India in 1996. During the course of its business, the Assessee entered into various agreements/transactions with its Group Companies. These transactions pertained to purchase and resale of products such as photocopiers, printers, scanners a...